Start searching homes now with Interactive Google Maps! Search Now!

First Time Buyers will be squeezed with new Mortgage Rules.

If Homeownership wasn't hard enough.. Now A first-time homebuyer could need to earn as much as $500 more a month and would have to pay an extra $209 toward their mortgage each month under new mortgage rules that the federal government announced Thursday.


The changes, which apply to government-backed insured mortgages, will mostly affect first-time home buyers looking to get into the condo market. These changes mean up to five per cent of Canadians who might be considering buying a new home will likely no longer qualify.


I know homeownership does sometimes seem like it's 1 million miles away, but it is possible. Let's sit down and discuss your options to see if there is any way we can achieve your goals of being a home owner.

Read more on this story below: 


http://www.vancouversun.com/business/mortgages/First+time+homebuyers+will+squeezed+mortgage+rules/6821870/story.html

 

The data relating to real estate on this website comes in part from the MLS® Reciprocity program of either the Real Estate Board of Greater Vancouver (REBGV), the Fraser Valley Real Estate Board (FVREB) or the Chilliwack and District Real Estate Board (CADREB). Real estate listings held by participating real estate firms are marked with the MLS® logo and detailed information about the listing includes the name of the listing agent. This representation is based in whole or part on data generated by either the REBGV, the FVREB or the CADREB which assumes no responsibility for its accuracy. The materials contained on this page may not be reproduced without the express written consent of either the REBGV, the FVREB or the CADREB.